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The oil & gas basins of Kazakhstan can be grouped into four revealed or prospective oil & gas provinces in the Republic of Kazakhstan. Exploration in those provinces in which oil and gas has already been extracted had, by 2010, led to the discovery of more than 200...

Kazakhstan has the second largest oil reserve and oil production among the former Soviet republics after Russia. At 30bn barrels of proved reserve Kazakhstan holds 3% of the world's oil, and is expected to increase further following increasing exploration activity in the country especially in the Caspian Sea.

The oil production of about 1.6 mil barrels per day represents an increase of 250% of its production in year 2000. The production is expected to double by year 2020 following the full production of the giant Kashagan and Karachaganak fields. The relatively low oil consumption of 240 thousand bbls/day allows the country to export 85% of its oil production.

Kazakhstan is ranked 11th in terms of largest proved oil reserves in the world

Kazakhstan's Historical Crude Oil Production

Hydrocarbon Legislative Framework

The legislative and regulatory framework is developed and overseen by the Ministry of Oil and gas (previously known as the Ministry of Energy and Mineral Resources). The national oil and gas company, Kazmunaygaz (KMG), was established in 2002 to represent the state's interest in Kazakhstan's oil and gas industry. The Law on Subsurface and Subsurface Use is the governing law for the oil and gas exploration and production.

Two contract models are in use in Kazakhstan now, the Excess Profit Tax (EPT) Model and the Production Sharing Agreement (PSA). In early 2008 the government has stopped awarding new PSAs, and joint-venture EPT Model has taken its place. KMG has the first right of refusal for any exploration blocks, after which LMG may negotiate with potential partners on the joint venture stake and terms.

FAQ

What is an 'Oil and Gas Closer?

An oil and gas closer is a phone salesperson who assists an accredited investor (over $1 million in net worth or over $200K of individual income or $300K of joint annual income) in making a tax deductible investment in an oil and gas drilling project. These investments by wealthy people are encouraged by congress through tax law, help our economy, and have the potential for huge payouts.